Naira Weakens Further As Dominant Currencies Alter Pricing Decisions     With many trade transactions benchmarked against dominant currencies like the U.S. dollar, the International Monetary Fund (IMF), has expressed concerns that currency movements pose great challenges to developing countries’ domestic economy, especially trade. Indeed, the concerns...

Naira Exchanges At N472/$ At Parallel Market   The Naira on Tuesday exchanged at N472 to a dollar at the parallel market in Lagos. The Pound Sterling and the Euro also exchanged for N575 and N530 respectively. The Naira, however, traded at N388.17 to a dollar at the...

Naira Crashes To N470/$1 As Currency Uncertainty Worsens   The exchange rate at the parallel market fell to another new 3-year low closing at N470/$1 on Wednesday, July 15, 2020. However, on the officially recognized NAFEX market, the forex turnover rose by 44.9% while the exchange rate depreciated closing at N386.50/$1. Parallel Market: At the black market where forex is traded...

Naira To Depreciate Further In Parallel Market     The sharp depreciation of the naira in the parallel market is set to continue this week with the exchange rate projected to hit N470 per dollar. Last week, the naira depreciated by N9 or 1.9 percent to N467 per...

Naira Sells At N381/$   The naira resumed trading on the official market at 381 to the dollar after no quotes for two straight sessions, as the central bank unified the country’s multiple exchange rates, Reuters reported on Wednesday. It noted that the central bank had been...

Official Exchange Rate May Hit N430/$ – Report     The nation’s official exchange rate may fall to N430 to the dollar by the end of 2020, United Capital Plc, a pan-African investment banking and financial services group, said on Tuesday. The firm, in its economic forecast for...